Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2007drilling progress report● Neutral
FAR (8%) reports Stokes Bay-1 swabbing has recovered 3,644 barrels, about 29% of the roughly 12,400 barrels of fluid lost. Heavy rain suspended work. The reservoir fluid type and the source of pressure are still undetermined.
23 Nov 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report that Stokes Bay-1 swabbing has recovered 3,644 barrels (29% of lost fluid) and work is suspended for rain. The reservoir fluid is still undetermined.
23 Nov 2007drilling spud● Neutral
Schwing #2 (South Grosse Tete) has spudded, a 14,500 ft gas test costing about US$6m over 52 days. FAR holds 5% to 14,500 ft and keeps 17.7% below that. It follows the dry Schwing A-1.
20 Nov 2007drilling progress report▲ Good
Several US updates: Lake Long SL 328 #9 now flows about 3.36 mmcfd plus 78 barrels of condensate a day; Lindsey 109A #1R started oil at 136 bopd (FAR 4.64%); a Kicker sidetrack is planned. Schwing #2 rig is on location.
20 Nov 2007regulatory community update▲ Good
FAR (34%, lead) says the NE Waller 3D seismic survey is finished, covering about 41 of the planned 50 square miles because some owners refused access. Data quality is described as excellent; interpretation starts late November, with drilling planned for 2008.
15 Nov 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the operator's report that Stokes Bay-1 testing restarted 14 November and the first flow attempt failed, with swabbing to follow. It adds that similar wells can take up to 30 days of flow.
15 Nov 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It repeats the operator's report that Stokes Bay-1 testing restarted 14 November, the first flow attempt was unsuccessful, and swabbing equipment is being mobilised.
15 Nov 2007drilling progress report● Neutral
FAR (8%) reports Stokes Bay-1 testing restarted 14 November, but the first attempt to flow the well failed and swabbing equipment is being mobilised. Pressure readings were described as encouraging; the fluid type remains unknown.
15 Nov 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report that Stokes Bay-1 testing resumed 14 November, the first flow attempt failed, and swabbing equipment is being brought in.
15 Nov 2007drilling progress report● Neutral
This is ARC's announcement, not FAR's. Testing at Stokes Bay-1 restarted 14 November with a small crew, but the first attempt to flow the well failed and swabbing equipment is being brought in. Pressure data gave some encouragement; clean-up may take time.
7 Nov 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the operator's report that the rig was released from Stokes Bay-1 on 6 November, with testing to resume in one to two weeks. Fluids recovered still appear to be drilling mud.
6 Nov 2007drilling progress report● Neutral
This is ARC's announcement, not FAR's. The operator released the drilling rig from Stokes Bay-1 on 6 November; testing is expected to resume in one to two weeks. About 24% of the 12,000 barrels of lost drilling fluid is recovered, with no formation fluid identified.
6 Nov 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It repeats the operator's report that the rig was released from Stokes Bay-1 on 6 November and testing should resume in one to two weeks. About 24% of the 12,000 barrels of lost fluid is recovered.
6 Nov 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report that the rig left Stokes Bay-1 on 6 November and Nullara testing resumes in one to two weeks. Fluids so far still appear to be drilling mud.
5 Nov 2007drilling progress report● Neutral
This is ARC's announcement, not FAR's. Operator reports a flow test began 4 November at 3,000-4,000 barrels of fluid a day, but recovered fluid appears to be drilling mud and no hydrocarbons have been seen. Test continues until formation fluids appear.
5 Nov 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the operator's report that the Stokes Bay-1 flow test is running at 3,000-4,000 barrels of fluid a day, recovered fluid appears to be drilling mud, and no hydrocarbons have been seen. FAR holds 8%.
5 Nov 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report that fluids recovered in the Stokes Bay-1 flow test appear to be part of the 12,000 barrels of drilling fluid lost. It will advise when formation fluids are identified.
5 Nov 2007well test result● Neutral
FAR (8%) reports the Stokes Bay-1 flow test began 4 November at 3,000-4,000 barrels of fluid a day. Recovered fluid appears to be drilling mud, with about 2,400 of over 12,000 lost barrels back and no hydrocarbons yet. Test continues.
5 Nov 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. It passes on the operator's flow-test report: fluids so far appear to be drilling mud and no hydrocarbons have been observed. It will advise when formation fluids are identified.
1 Nov 2007drilling progress report● Neutral
This is ARC's announcement, not FAR's. Operator reports Stokes Bay-1 deepened to 2,777 m with continued mud losses and gas peaks up to 10%. It recommends completing the well within two days to test the Nullara.
1 Nov 2007drilling progress report● Neutral
FAR (8%) reports Stokes Bay-1 was deepened to 2,777 m with persistent but now controlled mud losses and gas shows. The operator recommends completing the well, within two days, to test the Nullara. No flow results yet.
1 Nov 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the operator's report: Stokes Bay-1 deepened to 2,777 m with continued mud losses and gas peaks up to 10%. The well will be completed for a flow test rather than an open-hole test.
1 Nov 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report: Stokes Bay-1 deepened to 2,777 m, mud gas up to 10%, and the well will be completed as a potential gas producer from the Nullara. Emerald contributed its 12.75%.
1 Nov 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. Empire reports mud gas peaks interpreted as 97% methane and fluid inflows up to 4 barrels a minute in Stokes Bay-1. It says it can back in to its 14.8% Nullara interest by paying a penalty from production.
25 Oct 2007drilling progress report● Neutral
This is ARC's announcement, not FAR's. Operator reports logging at 2,755 m: some Anderson zones show potential oil saturation, the Nullara has vugular porosity but no fluid indication. It will run 7-inch casing before testing the Nullara first.
25 Oct 2007drilling progress report● Neutral
This is Emerald's announcement, not FAR's. It repeats the operator's report: 7-inch casing to be run to test the Nullara lost-circulation zone, then the Lower Anderson sands. No fluid type is yet known. Emerald contributed its 12.75%.
25 Oct 2007drilling progress report● Neutral
FAR (8%) reports Stokes Bay-1 logging is done at 2,755 m and casing will be run before testing the Nullara. Anderson zones show possible oil saturation needing testing; Nullara fluid type remains unknown because of mud losses.
25 Oct 2007drilling progress report● Neutral
This is Empire's announcement, not FAR's. The JV will run 7-inch casing in Stokes Bay-1 to test the Nullara lost-circulation zone first, then the Anderson oil shows. Logs show no fluid information for the Nullara due to mud losses.
25 Oct 2007drilling progress report● Neutral
This is Pancontinental's announcement, not FAR's. It repeats the operator's report that Stokes Bay-1 is at 2,755 m, logs show modest Anderson oil potential, and further mud losses occurred in the Nullara with no fluid indication. Casing to be run before testing.
24 Oct 2007drilling progress report▲ Good
FAR (34%, lead participant) says 3D seismic acquisition over 50 square miles at NE Waller is about half done, with data quality excellent. 22,216 gross acres are leased. Prospects are expected by December 2007; drilling is planned for 2008 with >50 BCFE potential.
